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The government should follow up on recommendations on productivity

31 March 2014

The Danish Bankers Association generally supports the Productivity Commission’s recommendations. Especially the proposal on using tax policy to improve productivity is important.

The Danish Bankers Association is generally positive towards the many proposals from the Productivity Commission, which on Monday presented all its recommendations for strengthening the Danish productivity, after a very qualified review of the Danish challenges. At the same time, the banks’ inter-branch organisation states that there are no quick fix solutions.

’’We must not be unambitious. It will take a sustained effort with targeted reforms to reap the huge potential that lies in the Productivity Commission's proposals for enhanced productivity in the private and public sectors, “says Chief Economist at the Danish Bankers Association, Niels Storm Stenbæk.
The Productivity Commission's recommendations can be allocated to several key areas, but particularly the commission's proposal to use tax policy to improve productivity is important:
"The design of the tax system is essential to restoring the growth and productivity potential in Denmark. The system should be designed with a special focus on mobilising capital and labour, so there is a gain by working and investing in Denmark, " Niels Storm Stenbæk assesses and continues:
"For example, it is crucial that business taxes will not harm competition and the dynamics in the Danish economy. Taxation should be more simple and uniform across national borders, and the opportunity and the incentive to make new investments and start a business must be strengthened."
It is essential that the government, together with the parliament’s other parties, now follow up and adopt a growth package that can strengthen the competitiveness of Danish companies.
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